The year 2011 ended with mixed signals for Dubai's real estate market. Although pockets of stability and even growth were to be found these are still the exception rather than the rule. Oversupply issues remain prevalent with demand fundamentals being outpaced by the completion of new stock.
The UAE remains on solid tracks in its economic recovery as the economy grew by around 4 percent during 2011. This followed growth of 1.4 percent in 2010 and the 1.6 percent contraction in 2009. During 2012 the UAE is again expected to reach 4.0 percent growth, with Dubai likely to post similar performance, according to a report prepared by the CBRE Dubai Research Team.
A more positive mood was also reflected in the Consumer Confidence Index (CCI) from the Department of Economic Development (DED) which rose 15 points to 125 during the final quarter. Respondents were most optimistic about the economic recovery, personal finances and job creation, although escalating food prices were still highlighted as a concern.
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